AMFI scheme factsheet for mutual funds

An AMFI scheme factsheet (also called a fund factsheet or scheme information factsheet) is a standardised monthly disclosure document that each Asset Management Company (AMC) in India is required to publish for every actively managed mutual fund scheme it operates. The factsheet consolidates scheme-level data – investment objective, portfolio holdings, NAV history, performance versus benchmark, risk ratios, and fund manager biography – into a single document that investors, distributors, and analysts can use to evaluate and compare schemes. The format and minimum content requirements are prescribed by SEBI and operationalised through AMFI guidelines.

The factsheet is distinct from the Scheme Information Document (SID) and Key Information Memorandum (KIM), which are offer-stage documents with static regulatory disclosures. The factsheet is a live, monthly-updated snapshot of the scheme’s actual portfolio and track record.

Regulatory basis

SEBI (Mutual Funds) Regulations, 1996

The foundational obligation is in Regulation 52 of the SEBI (Mutual Funds) Regulations, 1996, which requires AMCs to make periodical disclosures of the portfolio and performance of each scheme. SEBI has elaborated on this through multiple circulars that prescribe the minimum data elements, timing, and format of the factsheet.

SEBI circular on scheme categorisation and factsheet format

Following the comprehensive scheme categorisation and rationalisation exercise of 2017 (SEBI circular SEBI/HO/IMD/DF3/CIR/P/2017/114), SEBI revised factsheet content norms to require:

• Disclosure of the scheme category (e.g., large-cap fund, flexi-cap fund, overnight fund) as defined in the categorisation circular
• Performance benchmarked against the category-appropriate total return index (TRI) benchmark
• Portfolio disclosure showing the top 10 holdings and full portfolio allocation

SEBI circular SEBI/HO/IMD/DF3/CIR/P/2021/571 (April 2021)

This circular strengthened factsheet disclosures by requiring:

• Uniform performance calculation methodology (XIRR for SIP returns, CAGR for lump-sum returns) with compulsory display of 1-year, 3-year, 5-year, and since-inception returns
• Mandatory inclusion of an additional benchmark (the total return variant of a broad market index) alongside the primary benchmark
• Risk-o-meter disclosures at scheme level and benchmark level side by side

AMFI best practice guidelines

AMFI issues best practice circulars to AMCs that supplement SEBI requirements. AMFI guidelines standardise:

• The layout of performance tables (period, scheme return, primary benchmark return, additional benchmark return)
• Riskometer display
• Font size minimums for IDCW history tables
• The disclaimer language required at the bottom of every factsheet

Contents of a standard factsheet

Fund summary section

The opening page or section of a factsheet typically contains:

• Scheme name, SEBI category, and sub-category
• Investment objective (as stated in the SID)
• Fund manager name(s) and date of assuming management responsibility
• Date of inception (NFO closure date)
• Benchmark index (primary and additional TRI benchmark)
• AUM (Assets Under Management) as of the factsheet date
• Expense ratio (regular plan and direct plan, annualised)
• Exit load structure
• Minimum investment and SIP minimum amounts
• IDCW history (for dividend option schemes): dates and per-unit amounts paid in the last 12 months

NAV table

NAV as of the factsheet date for:

• Growth option, Regular plan
• Growth option, Direct plan
• IDCW option, Regular plan (if applicable)
• IDCW option, Direct plan (if applicable)
• Weekly IDCW or Monthly IDCW variants (if applicable)

Performance section

A mandated performance table showing point-to-point returns (CAGR) for:

• 1 year
• 3 years
• 5 years
• Since inception

Returns are shown for the scheme (direct and regular plan, growth option), the primary benchmark TRI, and the additional benchmark TRI. SIP returns (XIRR) for the same periods are shown separately for equity schemes.

A separate performance disclaimer states: “Past performance may or may not be sustained in the future.”

Portfolio holdings

The portfolio section is usually the most detailed part of the factsheet for equity schemes. It contains:

• Top 10 holdings by percentage of NAV
• Full portfolio list showing each security name, ISIN, rating (for debt), percentage of NAV, and market value
• Sector allocation pie chart or table (for equity schemes)
• Credit quality profile (for debt schemes): percentage in AAA, AA, A, and below-investment-grade instruments
• Modified duration, average maturity, yield to maturity, and Macaulay duration (for debt schemes)
• For hybrid and multi-asset schemes: allocation split between equity, debt, gold, and other asset classes

Risk ratios

For equity and hybrid schemes, factsheets must disclose:

• Standard deviation (annualised, typically based on 3-year monthly returns)
• Beta (relative to primary benchmark)
• Sharpe ratio
• Sortino ratio (increasingly common after SEBI guidance)
• Portfolio turnover ratio (annualised)

Riskometer

The SEBI-prescribed riskometer graphic shows the scheme’s risk level on a six-point scale: Low, Low to Moderate, Moderate, Moderately High, High, Very High. From 2021, AMCs must also show the benchmark’s riskometer alongside the scheme’s riskometer. The riskometer is reviewed quarterly based on the current portfolio.

Fund manager biography

A brief biography of the fund manager(s), including qualifications, total years of industry experience, and number of schemes managed, is included in compliance with SEBI’s fund manager disclosure norms.

Frequency and publication

AMCs are required to publish the factsheet within ten working days after the end of each month. Most large AMCs publish the factsheet by the 10th or 12th of the following month. The factsheet is published on:

• The AMC’s website (mandatory, under the “Downloads” or “Factsheet” section)
• AMFI’s website (amfiindia.com) under the “Scheme Performance” section for standardised data

Paper copies are available at AMC branch offices on request. Distributors registered with AMFI receive factsheets through AMFI’s distributor communication platform.

How to read a factsheet

Comparing performance correctly

Performance must always be read against the TRI benchmark, not the price return index (PRI). The TRI benchmark reinvests dividends, making it a more demanding yardstick. A fund that appears to outperform a PRI benchmark may actually underperform on a TRI basis, particularly for large-cap and index-tracking categories.

For equity schemes, since-inception return should be cross-checked against the compounded return of the Nifty 50 TRI or an appropriate category index for the same period, using the fund’s NAV inception value as the reference point.

Expense ratio impact

The direct plan’s expense ratio is typically 0.5–1.0 percentage points lower than the regular plan. Over a 10–15 year horizon, this difference compounds into a significant NAV advantage for the direct plan. The factsheet always shows both expense ratios.

Debt scheme metrics

For debt and liquid fund factsheets, modified duration and Macaulay duration are the most critical risk metrics. A fund with a modified duration of 4 years will lose approximately 4% of its NAV for every 100 basis point rise in yields, all else equal.

Factsheet vs scheme information document (SID)

Use cases for the factsheet

• Scheme selection: Investors and advisers compare factsheets across schemes in the same SEBI category to assess performance consistency, expense ratio, and portfolio overlap.
• Portfolio monitoring: Regular plan investors track whether the fund is outperforming its benchmark and whether the fund manager has changed.
• SEBI compliance and audit: AMC compliance teams use published factsheets as evidence of regulatory disclosure compliance during SEBI inspection.
• Distributor due diligence: SEBI requires distributors to conduct and document product suitability checks; the factsheet is the primary reference document for this exercise.
• Financial media and ratings: Credit rating agencies and mutual fund rating firms (CRISIL, ICRA, Morningstar) use factsheet data as inputs for their fund ratings.

Factsheet disclosures for specific scheme categories

Index funds and ETFs

For index fund and ETF factsheets, SEBI requires disclosure of:

• Tracking error (the annualised standard deviation of the difference between the fund’s daily return and the index’s daily return)
• Tracking difference (the cumulative divergence between fund NAV growth and index growth over the period)
• Total expense ratio in comparison with other index funds tracking the same index

Tracking error and tracking difference are the primary evaluation metrics for passive funds, replacing the alpha/Sharpe ratio focus of active fund factsheets.

Fund of Funds (FoF)

FoF factsheets show the allocation to underlying funds, each underlying fund’s ISIN and current NAV, and the consolidated look-through expense ratio (scheme’s own TER plus the weighted average TER of underlying funds). The look-through expense ratio is mandated by SEBI to ensure investors understand the total cost of holding a FoF structure.

Debt and liquid funds

Factsheets for liquid, overnight, ultra-short duration, short duration, corporate bond, and other debt category funds include:

• Portfolio average maturity and Macaulay duration (indicating interest rate sensitivity)
• Modified duration (quantifying NAV sensitivity to yield changes)
• Yield to maturity (annualised yield of the portfolio at current market prices)
• Credit quality breakdown: percentage exposure to AAA-rated, AA-rated, A-rated, below-investment-grade, and unrated instruments
• Exposure to government securities (G-Sec) as a percentage of NAV
• Exposure to money market instruments (commercial paper, certificates of deposit, treasury bills)

For liquid and overnight funds, SEBI requires additional disclosure of concentration risk: the proportion of the portfolio in the top 10 issuers and any single-issuer exposure above the regulatory cap.

Factsheet interpretation errors to avoid

Confusing NAV with performance

A high NAV (say, Rs 500) does not mean the fund has outperformed a fund with a low NAV (say, Rs 12). NAV is merely the accumulated effect of the initial offering price (Rs 10 for most funds) compounded over the fund’s life by its return. The performance comparison should be based on CAGR returns, not absolute NAV.

Relying on trailing returns alone

A fund that shows 25% 1-year return may have had -20% the previous year. Trailing returns are point-to-point and can be misleading depending on the starting date chosen. Calendar-year returns (shown by year) provide a more nuanced picture of consistency.

Ignoring the direct plan vs regular plan gap

Some investors compare the regular plan’s 5-year CAGR of one fund against the direct plan’s 5-year CAGR of another. All fund-to-fund comparisons should use the same plan type (direct to direct, or regular to regular).

Factsheet archives and historical use

AMCs are required to maintain archives of all past factsheets on their websites for at least three years. Researchers and analysts use archived factsheets to:

• Track changes in portfolio composition over time (e.g., rising or falling exposure to a particular sector)
• Monitor fund manager change events and their impact on portfolio construction
• Analyse how expense ratios have evolved over the scheme’s history
• Reconstruct portfolio holdings for legal or regulatory proceedings

AMFI also maintains a performance data archive at amfiindia.com, providing point-in-time NAV and performance data accessible programmatically.

Factsheet and scheme suitability

SEBI regulations require distributors to conduct a product suitability assessment before recommending a scheme to an investor. The factsheet is the core document used in this assessment. Specifically, the riskometer, the scheme category, the asset allocation, and the performance consistency data from the factsheet are mapped against the investor’s risk tolerance, investment horizon, and financial goals as recorded in the Know Your Customer (KYC) and risk profiling forms. SEBI’s AMFI-registered distributor training curriculum includes factsheet interpretation as a core competency.

See also

• Mutual fund
• Monthly portfolio disclosure
• Half-yearly portfolio statement
• Scheme performance vs benchmark report
• Annual report of MF scheme
• AMFI – Association of Mutual Funds in India
• SEBI

References

1. SEBI (Mutual Funds) Regulations, 1996, Regulation 52 – Periodical disclosures.
2. SEBI circular SEBI/HO/IMD/DF3/CIR/P/2017/114, 6 October 2017 – Scheme categorisation and rationalisation.
3. SEBI circular SEBI/HO/IMD/DF3/CIR/P/2021/571, 7 April 2021 – Enhanced factsheet disclosures and riskometer norms.
4. AMFI best practice guidelines for factsheet publication (current edition).
5. SEBI circular SEBI/HO/IMD/DF2/CIR/P/2020/253, 31 December 2020 – Riskometer revision.